Early Edition January 05 2009 at 04:06 AM Harry Maurer
Obama Plans Tax Cuts Worth $300 Billion
Advisors to President-elect Barack Obama say he plans to unveil a package of tax cuts for individuals and businesses worth about $300 billion in an attempt to goose the faltering economy. The tax breaks, which are larger than anticipated, could account for about 40% of the planned economic stimulus package of up to $775 billion Obama hopes to pass soon after he takes office.
A major component of the deal would see tax relief of $500 for working individuals and $1000 for working families under the "Making Work Pay" proposal he outlined during his campaign. While in Washington this week, Obama hopes to build consensus for 'radical reforms' for tighter control over fiscal spending.
Source: Wall Street Journal, New York Times
Asian Stock Rally Extends to Eighth Day
Asian stocks advanced for the eighth day in a row, making their longest winning streak since August 2004, with a rally led by Tokyo which saw the Nikkei 225 Stock Index climb 2.1% on its first day of trading for the year. The MSCI Asia-Pacific Index has gained 5.3% in the past eight sessions, clawing back some of the 43% it lost last year.
Source: Bloomberg
Israeli Pounds Gaza with Ground Attacks
Israeli forces occupying positions north and south of Gaza City have effectively split the Gaza Strip in two during the 10th day of fighting between Hamas militants and Israeli forces as European envoys meanwhile race to broker a ceasefire.
Source: BBC
Gaza Crisis Forces Rice to Cancel China Visit
Secretary of State Condoleezza Rice has been forced to cancel a planned visit to Beijing this week because of the crisis in Gaza, sending her deputy, John Negroponte instead.
Source: Reuters
Richardson Dropped from Obama's Cabinet Lineup
New Mexico Gov. Bill Richardson has withdrawn his nomination to be President-elect Barack Obama's Commerce Secretary amid a grand jury investigation into how a corporate political donor to his campaign won a lucrative state contract in New Mexico.
Source: Associated Press
Soros, Dell and Others Team up to Buy IndyMac
Billionaire George Soros, Michael Dell and buyout specialist J.C. Flowers are teaming up to pay $1.3 billion for failed mortgage lender IndyMac Bank, while the Federal Deposit Insurance Corp will share the burden of loan losses with the new owners. FDIC is expected to lose up to $9.4 billion.
Source: CNN Money
Netbook Powered by Freescale Chip Could Sell below $200
A new silicon chip that Freescale Semiconductor plans to unveil at the Las Vegas Consumer Electronics Show this week could enable Netbooks makers powered by it to retail for less than $200, the company said.
"Marley & Me" Tops Weekend Box Office Second Weekend in a Row
The canine romp "Marley & Me", starring Jennifer Aniston and Owen Wilson clinched the Number 1 spot at the U.S. box office for the second weekend in a row, selling an estimated $24.1 million in tickets for a two-week total of $106.5 million. Adam Sandler's "Bedtime Stories" came in second during the weekend, with $20.3 million in box office receipts.
Source: LA Times
Conversation of the Day: Obama's Education Stimulus
Reader Damian Bebell writes: "One problem: Our children have fully embraced the opportunities afforded by computer-based technologies-whereas traditional school environments have not."
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